RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased Ubiquiti Networks, Inc. (“Ubiquiti” or the “Company”) (NASDAQ: UBNT) securities between May 9, 2013 and February 20, 2018, inclusive (the “Class Period”).
Ubiquiti shareholders may, no later than April 23, 2018, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Ubiquiti and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
Ubiquiti offers a portfolio of wireless networking products and solutions. The Company does not employ a traditional sales force, “but instead drives brand awareness largely through the company’s ‘user community’ where customers can interface directly with R&D, marketing, and support.”
The complaint alleges that Ubiquiti and certain of its executive officers made a series of false and misleading statements to investors during the Class Period and failed to disclose: (i) that the size of the Company’s purported user community was drastically overstated; (ii) that the Company had exaggerated its publicly reported accounts receivable; and (iii) that as a result of the foregoing, Ubiquiti’s publicly disseminated financial statements were materially false and misleading.
On February 20, 2018, Ubiquiti disclosed that, “[o]n February 13, 2018, the Securities and Exchange Commission (the ‘SEC’) issued subpoenas to Ubiquiti Networks, Inc. (the ‘Company’) and certain of the Company’s officers requesting documents and information relating to a range of topics, including metrics relating to the Ubiquiti Community, accounting practices, financial information, auditors, international trade practices, and relationships with distributors and various other third parties.”
Following this news, shares of the Company’s stock declined $18.76 per share, or over 25%, to close on February 20, 2018 at $55.28 per share, on heavy trading volume.
If you are a member of the class, you may, no later than April 23, 2018, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.